Peel Waters has sold a 45-acre multi-let industrial open storage (IOS) site in Runcorn to an institutional investor for an undisclosed price.
The site, which is located on the Percival Lane Estate, attracted competitive bidding and sold for “significantly above” its £9.9m guide price, according to B8RE, which acted for Peel Waters on the sale. Acre Capital Real Estate acted for the purchaser.
Fully let to a diverse range of tenants in specialist industrial sectors, the development provides 21 secure compounds and in addition to open storage space there is 50,066 sq ft of built industrial accommodation of varying specification across the site.
John Burrows, investment director of B8RE, said: “IOS is a rapidly growing sub-sector, driven by rising demand from logistics, EV operators, and other occupiers that need additional off-site space. With limited supply of quality sites, we’ve seen a sharp increase in rents across the North West, with prime sites reaching up to £130,000 per acre. This standout deal was due to its scale and the competitive nature of the sale, which drove pricing well above expectations – underlining the growing appeal of high-quality IOS sites in strategic locations.”
In a separate transaction, B8RE acted on behalf of ICG on the acquisition of a prime industrial investment comprising a modern 89,323 sq ft detached warehouse on a 4.79-acre freehold site at Northbank Industrial Park in Irlam. The warehouse was sold by a local authority for £7.05m. Newmark acted for the vendor.
